Space Exploration Technologies Corp (SpaceX), the aerospace company led by US billionaire businessman Elon Musk, has filed for an initial public offering (IPO).
“Elchi” reports that SpaceX has submitted the document to the US Securities and Exchange Commission (SEC) to begin the IPO process and list its shares on the stock exchange.
The document states that the company plans to trade its shares on Nasdaq under the ticker symbol “SPCX”.
The document indicates that the company will have two different share structures: “Class A” shares will be publicly traded, giving one vote per share, while Musk will own the majority of “Class B” shares, each carrying ten voting rights.
This will allow Musk to retain control over the company even after the IPO. The document, which also provides a list of financial institutions leading and executing the IPO, includes major investment banks such as Goldman Sachs, Morgan Stanley, Bank of America Securities, Citigroup, and JPMorgan. The document also shares detailed information about the company’s business model, financial condition, risk factors, and how the proceeds will be used. National media reported that this IPO would be the first “trillion-dollar” IPO in US markets. In addition, news that SpaceX plans to start trading its shares on the stock exchange on June 12 has drawn attention.
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